Hey, traders.
There were big movement on EUR/USD chart those days.
Let's check the chart and what issues are waiting for us.
We can see
1. long-term descending channel.
2. overlapped resistance on 1.01000
3. overlapped support on 0.95600
4. top line of the descending channel is on 1.05000
We should check
Thursday - BoJ Outlook Report (YoY), ECB Monetary Policy Statement, US GDP (QoQ) (Q3), US Initial Jobless Claims, ECB Press Conference
Friday - BoJ Monetary Policy Statement, German GDP (QoQ) (Q3), German CPI (YoY) (Oct), US Core PCE Price Index (MoM) (Sep), Pending Home Sales (MoM) (Sep)
We can expect
1. jumping up to 1.05000 by breaking resistance on 1.01000
2. dropping to 0.95600 by resistance on 1.01000
Today, ECB meeting will be held and While Fed had been increasing thier interest rate, ECB hasn't yet.
Market is expecting ECB increase their interest rate by 1.50% to follow the Fed's step. Also, there is expectation that Fed will regulate their monetary policy from next meeing.
Those made EURO price goes upward these days.
However, we cannot 100% sure about Fed's monetary policy till they officailly announce.
So, we can predict both moves upward and downward.
If the price breaks the 1.01000, it will jump up to 1.05000 while Fed announce that they will slow down their stricted monetary policy.
On the other hand, if the price drops by resistance on 1.01000, it will head to 0.95600 while Fed don't show dovisish stance.
Let's see how it moves.
Thank you for reading and hope this was helpful.
Analyed by Han.
There were big movement on EUR/USD chart those days.
Let's check the chart and what issues are waiting for us.
We can see
1. long-term descending channel.
2. overlapped resistance on 1.01000
3. overlapped support on 0.95600
4. top line of the descending channel is on 1.05000
We should check
Thursday - BoJ Outlook Report (YoY), ECB Monetary Policy Statement, US GDP (QoQ) (Q3), US Initial Jobless Claims, ECB Press Conference
Friday - BoJ Monetary Policy Statement, German GDP (QoQ) (Q3), German CPI (YoY) (Oct), US Core PCE Price Index (MoM) (Sep), Pending Home Sales (MoM) (Sep)
We can expect
1. jumping up to 1.05000 by breaking resistance on 1.01000
2. dropping to 0.95600 by resistance on 1.01000
Today, ECB meeting will be held and While Fed had been increasing thier interest rate, ECB hasn't yet.
Market is expecting ECB increase their interest rate by 1.50% to follow the Fed's step. Also, there is expectation that Fed will regulate their monetary policy from next meeing.
Those made EURO price goes upward these days.
However, we cannot 100% sure about Fed's monetary policy till they officailly announce.
So, we can predict both moves upward and downward.
If the price breaks the 1.01000, it will jump up to 1.05000 while Fed announce that they will slow down their stricted monetary policy.
On the other hand, if the price drops by resistance on 1.01000, it will head to 0.95600 while Fed don't show dovisish stance.
Let's see how it moves.
Thank you for reading and hope this was helpful.
Analyed by Han.
